Supplementary Insurance for Medicare

 

For some people, there may be some significant coverage gaps or large expenses associated with sharing medical costs that can add up in a Medicare plan. However, the Federal and State governments have developed a system in collaboration with the private insurance providers to help individuals cover these gaps. There are different levels of coverage from which you can choose.

Since Medicare Part D (prescription drug coverage) varies substantially among companies providing such plans, you should investigate the wide variety of online tools provided to help you choose the right prescription drug coverage plan.

Reports suggest that there are 43 million people in the US who have benefited thus far from the Federal Health Insurance by Medicare. If you want to have a healthy and financially secure retirement, Medicare is essential for you.

Preparing for Medicare:

When you decide it is time for you to prepare for Medicare, there are certain things to keep in mind. Consider the cost that you are going to pay out of your pocket for premiums, co-insurance, co-payments and deductibles. Carefully browse through the benefits that the plan offers. See if you can find your choice of doctors on their list.

Many of you may be fond of traveling. Check if your Medicare plan covers the places you visit or plan to visit. This is to ensure you do not compromise on the quality of care provided.

What if I can’t afford Medicare or any other expensive plan?

Don’t worry. If you are not able to pay for medical care right now, the government has another policy called Medicaid to help you. This program is available only to certain low-income individuals and families who are eligible for medical aid under federal as well as state laws.

Medicaid directly sends money to your health care provider. The amount that you might have to pay as part of the co-payment or for some medical services depends on the state you live in. There are certain requirements to be met for Medicaid. These may include the following criteria:

 

  • Your age
  • If you are pregnant
  • Whether you are disabled (includes blindness)
  • Your income and resources (like bank accounts, real property, or other items that can be sold for cash)
  • You are a US citizen or a lawfully admitted immigrant